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VLD [36.1K]
3 years ago
9

During January, Luxury Cruise Lines incurs employee salaries of $2.4 million. Withholdings in January are $183,600 for the emplo

yee portion of FICA, $360,000 for federal income tax, $150,000 for state income tax, and $24,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $148,800 for federal and state unemployment tax and $72,000 for the employer portion of health insurance.
Record the employee salary expense, withholdings, and salaries payable.
This is what i have so far please help!
Debit 2Million
Credit FICA 153,000
Credit Income Tax 425000
Credit Account payable ????
Credit Salaries Payable ????
Business
1 answer:
garri49 [273]3 years ago
6 0

Answer and Explanation:

The journal entry to record the  employee salary expense, withholdings, and salaries payable is shown below:

Salaries expense Dr $2,400,000

     To Income tax payable  ($360,000 + $150,000) $510,000

     To FICA tax payable $183,600

     To Account payable $24,000

     To Salaries payable $1,682,400

(being employee salary expense, withholdings, and salaries payable is recorded)

Here the expenses are debited and payable are credited as it increased the expenses and liabilities

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aveWhich of the following is a tax? I. A 1 percent special sales tax for funding local road construction. II. A fee paid to the
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3 years ago
The following is a list of various costs of producing T-shirts. Classify each cost as either a variable, fixed, or mixed cost fo
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3 years ago
cobb co. purchased 10,000 shares (2% ownership) of roe co. on february 12. cobb received a stock dividend of 2,000 shares on mar
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cobb must include $18,000 as dividend income in its income statement for the current year.

Given,

10,000 shares were bought.

2 ownership

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The formula listed below can be used to determine dividend income:

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